O direito do acionista ao dividendo

AUTOR(ES)
DATA DE PUBLICAÇÃO

2008

RESUMO

Regarding the decrease in interest rates in Brazil and the consequent loss of appeal of fixed-income investments, investors started seeking new alternatives to allocate their funds. Meanwhile, companies boosted the raising of capital by issuing shares in capital markets, which became an attractive investment. In view of that, the stockholders right to dividends becomes more important as the earned dividends represent a portion of the return on the investment made. The purpose of this dissertation is to analyze one of the essential rights arising from the title of stockholder, i.e., stockholders right to dividends or rights on corporate profits. For such, at first we present the concept of subjective right and discuss the historical evolution of corporations. We then analyze the shareholder, covering its profile and its motivations to acquire stocks in listed companies. We describe the kind of stockholders rights and how to classify their rights to participate in corporate profits, to later analyze this essential right. Subsequently, we then carried out an in-depth study of dividends, the relevant concept, dividend distribution policies adopted by companies, financial statement analyses, lawfulness of setting up of reserves and unrealized profits, the types of dividends and the obligation and liability for their payment, in a way we attempted to demonstrate, in an analytical manner, the entire chain of rules governing shareholders rights to dividends. Although briefly, we also analyze the repercussion of corporate governance practices on stockholders rights to dividends and the connection of these rights to companies payment of interest on equity. Finally, we conclude with the main matters involving stockholders rights to dividends, taking into account the current regulatory system and the understanding of doctrine on the matter

ASSUNTO(S)

sociedades por acoes dividends dividendo obrigatório mandatory dividends financial statements profit reserves direito comercial reservas de lucros acionistas dividendos stockholder juros sobre o capital próprio interest on equity juros lucros demonstrações financeiras

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